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Moldovan Banking Sector Exposed: Report Reveals Widespread Corruption and Lack of Oversight

A recent report by the Independent Anti-Corruption Advisory Committee (CCIA) has shed light on the extensive corruption in Moldova’s banking, financial, and insurance sectors. The report, “THE OFFSHORE REPUBLIC”: Review of factors leading to systemic fraud and money laundering in Moldova’s banking, financial and insurance sectors, reveals that despite a decade since the theft of $1 billion from the country’s banking system, main perpetrators continue to enjoy freedom.

Corruption Runs Deep

The CCIA’s first report presents a comprehensive analysis of corruption in the financial sector, highlighting how legal amendments, questionable appointments, lack of genuine independence of oversight institutions, and absence of stronger actions on red flags have resulted in what is called a “captured state.”

Widespread Fraud and Money Laundering

The report finds that systemic fraud and money laundering continue to plague the country, with the National Bank of Moldova and other state institutions failing to take robust action against corruption.

Recommendations for Reform

The authors recommend strengthening institutional capacity, increasing transparency, changing legislation, and improving oversight mechanisms. Experts warn that if left unchecked, corruption could threaten the entire economy and democracy in Moldova.

“The voices of the many would be lost, and along with it democracy, in favor of the voices of the very few.” - James Wasserstrom, CCIA’s co-chair

A Call to Action

Despite acknowledging significant progress by the government to address deficiencies in the rule of law, experts stress that more needs to be done to address money laundering and beneficial ownership.

“All is not lost, but success will be fraught with uncertainty.” - Tamara Razin, CCIA’s co-chair

Next Steps

The report comes as a wake-up call for Moldova’s authorities to take concrete steps to address systemic corruption. The CCIA’s next reports are set to examine the mandate of anticorruption institutions, financing of political parties, and corruption in state-owned enterprises.

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